Businesses Struggle to Harness Employee Potential, Hindering Growth: Survey

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A recent global survey conducted by talent solutions provider Kelly has revealed that businesses are failing to unlock the full potential of their employees, resulting in hindered growth. The report titled “Building a Resilient Workforce in the Age of AI” highlights the challenges faced by executives in implementing digital strategies effectively and offering adequate training to employees.

While executives are turning to artificial intelligence (AI) and automation to address these challenges, the survey found that 42% of executives feel they are not utilizing the full potential of their workforce. Poor workforce planning is another significant challenge, with 54% of senior executives stating that it is impeding business growth. Additionally, 47% of executives believe that they are missing out on business opportunities due to a lack of talent.

To overcome these obstacles, many organizations worldwide are investing in AI and automation to improve employee productivity, efficiency, and engagement. However, 20% of executives admit that their digital strategies to strengthen the workforce are ineffective. This has led to employee frustration and concerns about the impact of AI on their jobs and careers. While 73% of workers expect AI to influence their roles, only 36% feel positive about the technology, and just 39% have received AI-related training.

The survey also highlights key findings specific to Singapore. Executives in Singapore expressed the least confidence in improving productivity, with only 38% feeling positive about their organizations’ ability to become more productive. Creativity and innovation were identified as critical skills lacking in the workforce, with 36% of executives rating their teams’ creativity and innovation skills as poor. Additionally, the survey revealed that more could be done to support mental health initiatives and improve work-life balance in organizations.

The report emphasizes the importance of building a resilient workforce in the age of AI. It introduces the Workforce Resilience Index, which identifies Resilience Leaders (7% of companies surveyed) who consistently achieve better results in core business metrics and key people indicators compared to Mid-Market Performers (85%) and Laggards (8%). Resilience Leaders reported increased revenue (70%), improved profitability (61%), enhanced customer satisfaction (74%), better talent recruitment (79%), and improved retention (72%) compared to Laggards.

To build workforce resilience, the survey highlights four best practices:

1. Partnering with workforce solutions providers to develop agile and capable teams.
2. Leveraging new technologies for better visibility into talent demands.
3. Tapping into diverse perspectives and offering flexible work arrangements to empower employees.
4. Prioritizing wellbeing and mental health to improve performance.

In conclusion, businesses must address the challenges of harnessing employee potential and poor workforce planning to unlock growth opportunities in the age of AI. By implementing effective digital strategies, providing adequate training, and focusing on employee well-being, organizations can build a resilient workforce and thrive in the changing landscape of work.

One current market trend in the field of workforce management is the increasing reliance on artificial intelligence (AI) and automation. Many organizations are investing in AI technologies to improve employee productivity, efficiency, and engagement. This trend is driven by the need for businesses to stay competitive in a rapidly evolving digital landscape. Companies are leveraging AI to streamline processes, automate repetitive tasks, and make data-driven decisions.

Another trend is the focus on building a resilient workforce. As highlighted in the survey, businesses need to prioritize workforce planning and talent development to unlock the full potential of their employees. Resilience Leaders, as identified in the report, consistently achieve better results in core business metrics and key people indicators, leading to increased revenue, improved profitability, enhanced customer satisfaction, better talent recruitment, and improved retention.

Forecasting the future, it is expected that the adoption of AI and automation technologies will continue to increase. This will have implications for the workforce, as job roles may change or evolve. It is crucial for businesses to provide adequate training and support to employees to adapt to these changes effectively. Additionally, the focus on building a resilient workforce is likely to gain more traction, with organizations recognizing the importance of workforce planning, talent development, and employee well-being.

One key challenge associated with the adoption of AI and automation is the impact on jobs. There are concerns that these technologies may replace certain roles, leading to job displacement. Organizations need to address these concerns and provide retraining opportunities to help employees transition to new roles or acquire new skills. Another challenge is the effective implementation of digital strategies. As mentioned in the survey, some executives admit that their digital strategies to strengthen the workforce are ineffective. Businesses need to carefully plan and execute their digital initiatives to maximize their potential benefits.

Controversies in the field of workforce management include ethical considerations surrounding the use of AI and automation. There are debates about the ethical implications of AI in terms of data privacy, bias in algorithms, and the impact on human workers. Businesses must navigate these controversies and ensure that the implementation of AI and automation is done ethically and responsibly.

Overall, while AI and automation present opportunities for businesses to unlock employee potential, there are challenges and controversies that need to be addressed. By investing in effective digital strategies, providing training and support to employees, and prioritizing well-being, organizations can overcome these challenges and build a resilient workforce.

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